PEMBROKE PINES, Fla., Nov. 10, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) announced that it has launched its Japanese language-based online casino to target the $170 billion Japanese gaming market. AngelCiti already provides Chinese language online casino Websites in Mandarin and Cantonese and will be adding additional Asian language-based Websites to capture more of Asia's large and growing online gaming market.
"This is just another step in our greater overall deployment into the Asian marketplace," remarked AngelCiti president George Gutierrez. "We recently attended a major gaming conference in Singapore and had the opportunity to open many doors into the Japanese and Chinese language gaming markets. We strongly feel these relationships will bear fruit in terms of acquisitions, joint ventures and other unique opportunities that we will be able to implement over the course of the next 6 to 9 months. We feel the Asian markets will be a huge contributor to our bottom line in calendar year 2004 and beyond."
The Asian Markets
Existing land-based casinos in China, isolated solely in Macau, generate in excess of $2 billion in revenues per year. Industry analyst Terri Walker notes illegal gambling in China is approximated at $362 billion. That does not even include the lucrative Chinese speaking populations in Hong Kong and Taiwan. Gambling Magazine.com estimates the Japanese gaming market at over $170 billion per year. Industry analyst Terri Walker suggests that more than 30 million Japanese play Japan's current only form of legalized land-based gambling, Pachinko, generating revenue of approximately $206 billion annually.
The Industry
A Bear Stearns report for the industry pegs annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly more rosy picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. InformaMedia Group, which tracks electronic gambling predicts that online gaming revenue will even reach $14.5 billion by 2006.
The Company
AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to numerous online casinos including SharkCasino.com, SharkPoker.com and TheHouseWins.com, and currently services casinos in English, Spanish, German and Chinese.
This news release contains forward-looking statements regarding AngelCiti's business strategies and future plans of operations. Forward-looking statements involve known and unknown risk and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital for growth and expansion and its reliance on the internet as a means for promoting the software it sublicenses. The forward-looking statements contained in this news release speak only as of the date hereof and AngelCiti disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in AngelCiti's expectations or future events. The representations of net handle and gross net win in this press release are presented as measures of performance for the company that are different from those presented in the income statement in accordance with Regulation G promulgated by the Securities and Exchange Commission and are not to be considered as revenue or a GAAP related financial disclosure criteria.